比特幣需求減半前大幅下滑，投資人需謹慎

在地緣政治緊張局勢下，隨著 4 月 ETF 資金流入激增，比特幣需求下降。數據顯示需求成長下降，伴隨著交易量和未平倉合約的下降。此外，Tether（USDT）主導地位的上升表明加密資產向穩定幣的轉換增加，反映了市場的不確定性和購買壓力的減少。需求的平靜可能是由於對礦商潛在拋售比特幣的擔憂所影響。

Weakened Bitcoin Demand Prior to Halving: Patience Urged for Investors

減半前比特幣需求減弱：投資者需保持耐心

Amidst geopolitical tensions escalating in the Middle East, Bitcoin [BTC] has experienced a decline in demand growth, as evidenced by a drop in exchange-traded fund (ETF) inflows in April.

在中東地緣政治緊張局勢升級的情況下，比特幣 [BTC] 的需求增長出現下滑，四月份交易所交易基金 (ETF) 流入量下降就證明了這一點。

Data from CryptoQuant, a leading cryptocurrency analysis firm, reveals that Bitcoin's demand has witnessed a significant drop, as highlighted by a chart shared by Julio Moreno, the firm's head of research.

領先的加密貨幣分析公司 CryptoQuant 的數據顯示，正如該公司研究主管 Julio Moreno 分享的圖表所強調的那樣，比特幣的需求已大幅下降。

Furthermore, the trading volume and open interest behind Bitcoin have been steadily decreasing since late March, according to data from Coinglass. This trend suggests that the market has been dominated by selling pressure due to an abundance of supply and relatively low demand.

此外，根據 Coinglass 的數據，自 3 月下旬以來，比特幣的交易量和未平倉合約一直在穩步下降。這一趨勢表明，由於供應充足和需求相對較低，市場一直受到拋售壓力的主導。

The increase in Tether (USDT) Dominance, which measures the proportion of the crypto market capitalization held in the stablecoin USDT, indicates that market participants are increasingly converting their assets into USDT. This typically occurs during periods of market uncertainty when investors seek safety in stablecoins.

Tether (USDT) 主導地位（衡量穩定幣 USDT 持有的加密貨幣市值比例）的增加表明，市場參與者越來越多地將其資產轉換為 USDT。這種情況通常發生在市場不確定時期，投資者尋求穩定幣的安全。

The current rise in USDT Dominance bears some resemblance to the period leading up to the 2020 Bitcoin halving. From May 4th to 18th of that year, USDT Dominance surged, followed by a lateral movement at 3.47% for eight weeks.

目前 USDT 主導地位的上升與 2020 年比特幣減半之前的時期有一些相似之處。當年5月4日至18日，USDT統治力飆升，隨後以3.47%的水平橫向波動了八週。

If historical patterns repeat themselves, crypto prices could remain rangebound for the next month or two. However, the ETH/BTC chart suggests that further dominance increases are possible.

如果歷史模式重演，加密貨幣價格可能會在未來一兩個月內保持區間波動。然而，ETH/BTC 圖表表明，主導地位有可能進一步增加。

Benjamin Cowen, founder of Into The Cryptoverse, observed that ETH/BTC has recently broken below a key technical support level, a phenomenon last seen in July 2019. Following this event, both Bitcoin Dominance and Tether Dominance rose for two months, suggesting altcoin capitulation.

Into The Cryptoverse 創辦人Benjamin Cowen 觀察到，ETH/BTC 最近跌破了關鍵技術支撐位，這種現像上次出現於2019 年7 月。兩個月，表明山寨幣投降。

Investors should be aware that a similar scenario could unfold in the coming months, leading to further dominance gains by Bitcoin and USDT.

投資者應該意識到，未來幾個月可能會出現類似的情況，導致比特幣和 USDT 進一步佔據主導地位。

In conclusion, Bitcoin demand has weakened in the lead-up to the halving event, largely attributed to geopolitical tensions and uncertain market conditions. While a revival is anticipated, investors are advised to exercise patience and monitor market developments closely. The rise in Tether Dominance and potential dominance gains by Bitcoin and altcoins warrant careful consideration.

總之，比特幣需求在減半事件之前減弱，這主要歸因於地緣政治緊張局勢和不確定的市場狀況。儘管預計會出現復甦，但建議投資者保持耐心並密切關注市場發展。 Tether 主導地位的上升以及比特幣和山寨幣的潛在主導地位值得仔細考慮。